Quattro Exploration and Production Ltd.

Quattro Exploration and Production Ltd.

November 25, 2014 04:38 ET

Quattro Re-Files Interim Financial Statements, Applies for Tier 1 Status and Issues Stock Options

CALGARY, ALBERTA--(Marketwired - Nov. 25, 2014) - Quattro Exploration and Production Ltd. ("Quattro" or the "Company") (TSX VENTURE:QXP) reports that it has filed on SEDAR (www.sedar.com), amended versions of its interim financial statements and quarterly management discussion and analysis for the periods ended June 30, 2012, September 30, 2012, March 31, 2013, June 31, 2013, September 31, 2013 and March 31, 2014, annual management discussion and analysis for the year ended December 31, 2013 and the 2013 NI5-101 forms F1 and F3.

The Company determined that the reported "other income" and "gain on acquisition" disclosed in the Company's June and September 2012 interim condensed consolidated interim financial statements was incorrectly recognized under IFRS as "other revenues from assets" principally located in the Rangeview and Divide areas of southwest Saskatchewan, rather than recognizing a "gain on acquisition" of the oil and gas assets. This occurred due to the recognition of the closing date for the acquisitions as occurring in the second quarter rather than the third quarter of 2012 (being the date of the receivership order legally transferring the assets to the Company rather than the date of signing of the purchase agreements). The amendment traced through the comparative tables of the subsequent interim statements, but did not affect the annual audited financial statements of Quattro. The updated MD&As also provide greater detail with respect to the going forward activities of Quattro.

In addition, the 2013 NI51-101 forms F1 and F3 were re-filed to provide further disclosure regarding the Company's reserves development plans.

In connection with the filings, Quattro plans to apply for Tier 1 issuer status under the policies of the TSX Venture Exchange.

Quattro also announces the grant of 420,000 stock options to certain directors and employees issued pursuant to the Company's stock option plan. The options vest over a 2 year period, are exercisable at a price of $0.40 per share and expire on November 21, 2019. The shares issuable upon exercise of the options may not be traded for 4 months and one day from the date of grant.

About Quattro Exploration and Production Ltd.

Quattro Exploration and Production Ltd. ("QXP") continues to focus on the conventional exploration and development of oil and natural gas reserves in Western Canada, primarily in south central Saskatchewan, with an expanding presence in Alberta. Our core low risk production base will provide us the capacity to aggressively pursue a series of high impact exploration and development efforts in Central and South America. The company intends to balance this portfolio of activities to assure its shareholders that it achieves material growth including reserves, production and profitability.

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's registered filings which are available at www.sedar.com.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

Trading in the securities of Quattro Exploration & Production Ltd. should be considered highly speculative. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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